Here is a little example that illustrates this strange behaviour:
\documentclass{article}
\usepackage{amsmath}
\DeclareMathOperator\foo{\mathbf{l}}
\begin{document}
baseline$\mathbf{l}$baseline$\mathop{\mathbf{l}}$baseline$\mathop{l}$baseline$\foo$baseline
\end{document}

Note that the explict call to \mathop shifts the baseline of the l. But if you use \DeclareMathOperator this doesn't happen. Is this a bug or a feature?
I personally think that the shifted baseline looks really weird if you're discussing an operator in text, so I'd like to shift it up again. Do I have an alternative to endless use of \DeclareMathOperator?

\DeclareMathOperatornot about functions likesin,cos, etc., and\mathopabout operators like+,-, etc.? – Martin Scharrer Jan 16 '12 at 15:23\mathbinand\mathrel, I thought they were the ones for the infix notation symbols… – Seamus Jan 16 '12 at 15:27\mathbinis for binary operators!\mathrelis for relations, i.e.=etc. I don't have The TeXBook handy right now, otherwise I would look it up. – Martin Scharrer Jan 16 '12 at 15:29\mathopis also about\sumand friends, which is why it centers single glyphs vertically on the math axis. – barbara beeton Jan 16 '12 at 15:58